How to Buy Innergex Renewable Energy Stock [2024]

Summary: Innergex Renewable Energy is one of Canada’s biggest independent power producers with a diverse portfolio of  wind, solar, and hydraulic assets. Moreover, the company has a solid ESG rating as well, meaning it’s a solid investment option for traders interested in Environment, Social, and Governance investng. To buy Innergex Renewable Energy stock, Canadian residents can make an account at online stock trading platforms such as Interactive Brokers.

About Innergex Renewable Energy

Innergex Renewable Energy (TSX: INE) is a Canadian multinational renewable power producer operating a large number of hydroelectric facilities, wind farms, solar farms, and energy storage facilities in Canada, the United States, Europe, and South America. With its diverse portfolio of renewable energy assets, the company is committed to combating climate change and reducing carbon dioxide emission.

Should you invest in Innergex Renewable Energy — Growth prospects and considerations

As of December 2023, Innergex Renewable Energy is worth $1.86 billion and operates a wide range of wind and solar assets, although hydroelectricity as its primaryfocus. In addition to its vast portfolio and solid growth potential — the company saw a 16% increase in revenue in the last three years — Innergex Renewable Energy boasts a high socially responsible investing (SRI) rating. In their 2022 sustainability report, CEO Michel Letellier said:

“Our ESG performance is a pillar of our business strategy, and we will continue to put People, our Planet and Prosperity at the centre of everything that we do.”

Letellier further underscored Innergex’s dedication to realizing its Net-Zero strategy by 2050. The company also reiterated its strong stance on embracing “diversity, equity, and inclusion” within the workforce. 

Still, it must be mentioned that financial institutions such as Credit Suisse First Boston (CSFB) and National Bankshares have revised their price target for Innergex Renewable Energy shares downwards in August 2023. This might indicate analyst reservations about the company’s potential growth, which is a sentiment shared by stock analysts at National Bank Financial, who’ve lowered their expectations for the company’s performance. 

A potential counter to these risks in the long run is the fact that companies with positive sustainability practices tend to generate solid incomes due to their:

• Lower cost of debt;
• Finance and reputation management;
• Employee sentiment.

However, as investing is inherently risky, some caution is always mandatory.

How to buy Innergex Renewable Energy stock: Step-by-step process

To buy Innergex Renewable Energy stock, Canadian investors can take the following steps:

Step 1: Choosing the right broker

First, you must choose a solid broker that will let you purchase Innergex Renewable Energy stock. There are many brokers available these days, so to choose one based on your financial goals and investing strategy, consider factors such as:

• Fees;
• Platform accessibility;
• Customer support;
• Trading tool availability;
• Order types;
• Etc. 

Our go-to broker for Canadian investors is Interactive Brokers, a platform featuring:

• Commission-free stock trading;
• Global stock-trading on 90+ market centers;
• Fractional shares;
• Additional income on fully paid shares;
• Lowest financing rates for margin accounts;
• No account minimums.

Step 2: Opening a trading account

Next, you can open a trading account. To do that, you will have to provide the broker with personal details and verify your identity through its know-your-customer (KYC) process. The specifics will vary from platform to platform, but users usually have to provide some ID to help avoid fraud and money laundering.

Step 3: Funding your account

Then, you can fund and start buying Innergex Renewable Energy stock. Each broker has its own set of available payment methods, so be sure you check what’s supported and what isn’t before committing to any platform. Typically, traders can:

• Transfer money to it from your bank account;
• Use a wire;
• Scan a check;
• Use third-party payment systems like PayPal;
• Etc.

Step 4: Placing an order

Finally, you can buy Innergex Renewable Energy stock. To do that, simply follow these steps:

1. Log in to your broker account;
2. Search for the stock using its ticker symbol (in this case INE) or simply type in the company name;
3. Choose the type of order you want to place: market, limit, stop, etc. If you’re new, stick to market orders;
4. Enter the number of shares you would like to buy;
5. Review your order one last time to make sure you did not miss anything;
6. Submit your order for execution.

Innergex Renewable Energy stock price today

Innergex Renewable Energy stock technical analysis

Disclaimer: TradingView does not recommend trading financial instruments based exclusively on the advice of the Technical Rating indicator. These recommendations cannot predict future movements and are meant as assistance for spotting potentially favorable buy/sell conditions if this is consistent with their strategy.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy Innergex Renewable Energy stock in Canada

How can I buy Innergex Renewable Energy stock in Canada?

You can buy Innergex Renewable Energy stock through a brokerage such as Interactive Brokers.

Can I buy Innergex Renewable Energy stock if I’m not a Canadian resident?

Yes, you can invest in Innergex Renewable Energy outside Canada if your broker has access to the Toronto Stock Exchange.

Can I buy Innergex Renewable Energy stock online?

Yes, you can buy Innergex Renewable Energy stock online through brokers such as Interactive Brokers.

Can I buy Innergex Renewable Energy stock directly from the company?

Innergex Renewable Energy does not seem to have a direct stock purchase plan (DSPP).